New figures lodged by McKillen’s Orsen Ltd with the Companies Office show that the group recorded the jump in operating profits as revenues rose 5% from €29.88m to €31.52m.
McKillen’s Irish entertainment business has expanded rapidly in recent years and the accounts for Orsen Ltd include the revenues of McKillen’s Wagamama restaurants here along with the revenues at the Everleigh Garden nightclub on Dublin’s Harcourt St and the Workman’s Club in Temple Bar adjacent to the Clarence Hotel he co-owns with U2.
The best performing business in McKillen’s Press Up Entertainment group was Holtend Ltd, the firm behind the Everleigh Garden nightclub that recorded post-tax profits of €498,710 with the Workman’s Club and Restaurant Ltd recording post-tax profits of €439,365.
Another strong performer was Rabac Ltd that operates Captain America’s Cookhouse at the Blanchardstown Retail Park which recorded post-tax profits of €255,852.
Restaurant businesses in the group enjoyed contrasting fortunes, Crawley Ltd enjoyed profits of €313,578 while Wagamama firm, Portalon Ltd recorded losses of €233,129.
The Press Up Entertainment Group operates 17 businesses and provides employment for over 1,000 people and recently secured planning permission for a 41-room boutique hotel in Ranelagh while it is proceeding with separate plans for a bar and deli, Union Cafe in Mount Merrion in Dublin.
The expansion of the group has been driven by McKillen’s son, Patrick McKillen Jnr with Orsen Ltd incurring capital expenditure of €6.95m in 2014 and €2.82m in 2013.
Patrick McKillen Snr is listed as the ultimate controlling party.
Directors, Liam Cunningham and Ronnie Delaney sit on the board of Orsen Ltd and they were drafted in in 2013 to replace Bono and The Edge as Clarence hotel board members.
The group’s pre-tax profits rose more than three-fold to €986,901.
The figures show that shareholders in the business lent an additional €1.3m to the group to help fund the expansion last year bringing to €2m in loans provided by the shareholders.